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Tuesday, December 7, 2021 9:39:18 AM EST

Industrial Production Updated 16-Nov-21 09:46AM ET

Total industrial production increased 1.6% in October ( consensus +0.8%) following an unrevised 1.3% decline in September.

The capacity utilization rate rose to 76.4% ( consensus 75.9%) from an unrevised 75.2% in September. That was the highest capacity utilization rate since January 2019.

Manufacturing output jumped 1.2%, hitting its highest level since March 2019 on the back of an 11.0% gain in motor vehicles and parts. Excluding the gain in motor vehicles and parts, factory output increased 0.6%.

Motor vehicle assemblies surged 18.8% month-over-month to a seasonally adjusted annual rate of 9.10 million units.

Mining production spiked 4.1% on the recovery from the effects of Hurricane Ida.

The output of utilities rose 1.2%.

Total industrial production was up 5.1% yr/yr, which is the highest reading since December 2019.

The capacity utilization rate of 76.4% was 3.2 percentage points below its long-run average.

The key takeaway from the report is that it points to a lot of latent growth potential when the semiconductor supply shortage, and other supply chain issues, can get worked out.
Industrial Production
Total Index1.6%-1.3%0.0%0.8%0.5%
Capacity Utilization
Total Industry76.4%75.2%76.2%76.2%75.6%